Multibagger stock under Rs 10: Small-Cap company introduces new products, targets African market; Nomura Singapore Ltd boosts stake!

The stock gave multibagger returns of over 218.75 per cent in just 2 years whereas BSE Small-cap Index is up by 29 per cent.

Mishtann Foods Limited (BSE Scrip Code: 539594), India's leading FMCG product company with a primary focus on various types of Basmati rice, has announced its plans to introduce new products for the domestic market. These include free-flow iodized salt, crystal salt, and rock salt. Additionally, the company has ventured into new markets, specifically North Eastern India. By taking these positive steps, the company anticipates a rise in its top line.

Previously, the company had incorporated a wholly-owned subsidiary named "Grow and Grub Nutrients FZ - LLC" in the United Arab Emirates. The main objective of this subsidiary is to focus on international trade and explore untapped markets in the company's growth journey across different geographical boundaries. Furthermore, the company aims to capitalize on the increased demand for rice in the Middle East and Africa.

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FIIs: Nomura Singapore Ltd ODI, over the period has increased its stake to 1.28 per cent (1,28,25,854 shares).

Mishtan Foods has a market cap of Rs 714 crore. The company has reduced its debt and delivered good profit growth of 80.5 per cent CAGR over the last 5 years.

Today, shares of MFL zoomed 0.42 per cent to Rs 7.13 per share with the day’s high of Rs 7.14 and the day’s low of Rs 7.09. The shares of the company have a PE of 14.60x, a ROE of 40 per cent and a ROCE of 39 per cent.

The stock gave multibagger returns of over 218.75 per cent in just 2 years whereas BSE Small-cap Index is up by 29 per cent. In the last financial year, the company declared bonus shares in the ratio 1:1 and a dividend of Rs 0.0010 per share for a face value of Rs 1. This FMCG penny stock should be kept under the radar.